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Palladium Retreats as Ukraine Ceasefire Eased Shortage Fears + MORE

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In the commodity market, crude oil was dumped again with the front-month WTI crude contract diving to a new 2014-low before ending the day -1.16% lower. The Brent crude contract was down -1.13% with price plunging to the lowest level in April 2013. Gold extended the selloff with 1250 broken. The Comex contract is approaching the next support of 1240…

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Precious metals have had to endure a week of gathering dollar strength, which is at least partly the result of problems specific to the euro, yen and sterling. The result is gold has fallen a further $30 over the week, and silver by about $0.70c. The first chart is of gold and open interest on Comex…

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Geopolitical tensions again took centre stage as the EU announced agreed new sanctions against Russia, in response to “its illegal actions in Ukraine”. US President Barack Obama indicated that the US would join Europe in broadening its sanctions.

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Currency turbulence

– .goldmoney.com

You’d think that the US dollar has suddenly become strong, and the chart below of the other three major currencies confirms it.

The US dollar is the risk-free currency for international accounting, because it is the currency on which all the others are based. And it is clear that three months ago dollar exchange rates against the three currencies shown began to strengthen notably…

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Financial markets weakened amidst worries that global central banks might be refraining from monetary easing. Whilst San Francisco Fed’s Economic Letter indicated that the market might have underestimated the Fed’s tightening schedule, ECB Liikanen noted that the central bank has not decided on the amount of ABS and covered bond purchases…

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With gold at a seven-month low the precious metals market saw selling across the board this week. Kelly-Ann Kearsey, Dealing Manager at the online precious metals trader, said, ‘Our customers were profit taking this week with the buyer/seller ratio showing a slight favour towards the sellers.
‘There was a continuation in the West to East movement of bullion, with most of the sell-off from the UK and Swiss vaults and almost all the purchases going into the Singapore vault…

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Vancouver, BC, Canada – SEPTEMBER 11, 2014 – Miranda Gold Corp. (‘Miranda’) (TSX-V: MAD) reports that an independently estimated initial resource has been prepared for the Coleman deposit within the Company’s Willow Creek project, Alaska. A Technical Report compliant with NI43-101 will be published on Sedar within 45 days…

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Miranda Gold Director Resigns

– mirandagold.com

Vancouver, BC, Canada – SEPTEMBER 12, 2014 – Miranda Gold Corp. (‘Miranda’) (TSX-V: MAD) reports that Steve Ristorcelli, has resigned as a director of Miranda. He has served as a non-executive independent director for the past 19 years.

‘We appreciate the contribution Steve has made in serving as a director for Miranda, providing the board with additional technical support and oversight to Miranda’ said Board Chairman and CEO, Ken Cunningham…

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A jumping success for charity

– .goldmoney.com

Kathrin Hasenkampf has left two charities jumping for joy after she jumped out of a plane in aid of the Jersey Cancer Trust and Cancer Research UK. Kathrin, a bookkeeper at GoldMoney, decided to take the plunge after being inspired by her work mate’s strength in dealing with a cancer diagnosis.
She had perfect weather conditions for the tandem skydive, ‘It was an absolutely amazing experience…

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PGMs also got pounded with palladium falling for a third consecutive day despite continuous violence in Ukraine. According to Ukrainian defence spokesman Andriy Lysenko, the situation remained “stable” as “each side on the whole respects the ceasefire. This is the first relatively calm day in eastern Ukraine…

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Gold price stabilized after the 3-day decline as buying interest emerged above 1240. Conflict in Islamic state is set to escalate, raising demand for safe haven assets, as US president Barack Obama authorized airstrikes in Syria to “degrade and ultimately destroy” Islamic militants.

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